(Reporting by Giuseppe Fonte and Gavin Jones)
(Adds government source, details)
ROME, March 13 (Reuters) - Italy's Economy Minister
Giancarlo Giorgetti is closely watching market developments
following the collapse of the Silicon Valley Bank (SVB), the
ministry said on Monday, adding that the European Union should
act quickly to shore up banks if needed.
"We appreciate the timeliness with which the U.S.
authorities intervened and trust that, if necessary, European
authorities will intervene with the same timeliness, assessing
the implications for the conduct of monetary policy and
financial stability," the economy ministry said in a statement.
Bank shares in Europe and Asia plunged on Monday as the
United States' move to guarantee the deposits of the collapsed
tech-focused lender SVB failed to reassure investors that other
banks remain financially sound.
A government official said there was no sign of negative
effects spreading to the broader Italian financial system at
present, and played down Monday's fall in bank shares as
something that was to be expected.
Shares of the country's largest lenders Intesa Sanpaolo , UniCredit and Banco BPM fell
between 5% and 7% in morning trading on the Milan bourse.
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